HAID GROUP(SZ:002311) Shang Hai Zheng Quan Bao·2025-10-20 11:24Core Viewpoint - Haid Group is accelerating its overseas expansion through a spin-off listing of its subsidiary, Haid International Holdings Limited, on the Hong Kong Stock Exchange, which will serve as the core entity for its global ambitions [1][3]. Group 1: Spin-off and Financial Performance - Haid Group announced plans to spin off Haid International Holdings Limited, which was established just one month prior, to focus on overseas operations [1][5]. - The company reported impressive Q3 results with total revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit of 4.142 billion yuan, up 14.31% [3][8]. - The spin-off reflects deep changes in the domestic feed industry, with market concentration rising to 65% and increasing competition among the top 20 feed companies [3][7]. Group 2: Strategic Rationale for Spin-off - The spin-off is a tactical choice to overcome financing constraints and a strategic move to optimize global resource allocation [3][7]. - Haid Group aims to consolidate its overseas assets related to feed, seedlings, and animal health products under Haid International Holdings [5]. - The company plans to focus on independent operations in Asia (excluding East Asia), Africa, and Latin America [5][7]. Group 3: Financial Data of Haid International Holdings - Haid International Holdings is projected to have simulated consolidated revenues of 7.06 billion yuan, 9.097 billion yuan, and 11.704 billion yuan for the years 2022, 2023, and 2024, respectively [6]. - The net profits for the same years are expected to be 290 million yuan, 530 million yuan, and 750 million yuan [6]. - By the end of 2024, total assets are projected to reach 6.4 billion yuan, with net assets of 3.83 billion yuan [6]. Group 4: Market Expansion and Future Growth - The overseas feed industry presents significant growth potential, with a competitive landscape that remains relatively fragmented [7]. - Haid Group has been expanding its overseas footprint, particularly in Southeast Asia, Central Asia, South Asia, Africa, and Latin America, enhancing its market share and industry position [7][10]. - The company aims to increase its overseas feed sales proportion from 13% in 2024 to over 20% [10][11].